https://www.taxtmi.com/caselaws?id=352730 The tribunal allowed the appeal of the assessee, holding that the penalty under section 271(1)(c) of the Income Tax Act for Assessment Year 2010-11 was not justified. It found that the assessee had paid the entire taxes due on the capital gains before filing the original return, indicating no intention to conceal income. The tribunal determined the actual sale consideration to be Rs. 14.01 crores and held that the cash component received on the sale of shares should be treated as part of the share sale consideration for computing capital gains in AY 2010-11. en-us Wed, 13 Dec 2017 00:00:00 +0530 Wed, 20 Dec 2017 08:46:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352730 The tribunal allowed the appeal of the assessee, holding that the penalty under section 271(1)(c) of the Income Tax Act for Assessment Year 2010-11 was not justified. It found that the assessee had paid the entire taxes due on the capital gains before filing the original return, indicating no intention to conceal income. The tribunal determined the actual sale consideration to be Rs. 14.01 crores and held that the cash component received on the sale of shares should be treated as part of the share sale consideration for computing capital gains in AY 2010-11. Case-Laws Income Tax Wed, 13 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352730